Common use of Funding of Overadvance Loans Clause in Contracts

Funding of Overadvance Loans. The Agent may require the Revolver Lenders to honor requests for Overadvance Loans and to forbear from requiring the applicable Borrower(s) to cure an Overadvance, (i) when no other Event of Default is known to the Agent, as long as (1) such Overadvance does not continue for more than 30 consecutive days (and no Overadvance may exist for at least five consecutive days thereafter before further Overadvance Loans are required), (2) such Overadvance is not known by the Agent to exceed ten percent (10%) of the Borrowing Base and (3) the aggregate amount of the Overadvances existing at any time, together with the Protective Advances outstanding at any time pursuant to Section 2.1.6 below, do not exceed ten percent (10%) of the aggregate Revolver Commitments then in effect; and (ii) regardless of whether an Event of Default exists, if the Agent discovers an Overadvance not previously known by it to exist, as long as from the date of such discovery such Overadvance does not continue for more than 30 consecutive days. In no event shall Overadvance Loans be required that would cause the Revolver Exposure to exceed the aggregate Revolver Commitments. The Required Lenders may at any time revoke the Agent’s authority to make further Overadvance Loans to the Borrowers by written notice to the Agent. Any funding of an Overadvance Loan or sufferance of an Overadvance shall not constitute a waiver by the Agent or Lenders of the Event of Default caused thereby. In no event shall any Borrower or other Loan Party be deemed a beneficiary of this Section 2.1.5 nor authorized to enforce any of its terms.

Funding of Overadvance Loans. The Agent may require the applicable Revolver Lenders to honor requests for Overadvance Loans and to forbear from requiring the applicable Borrower(s) to cure an Overadvance, (i) when no other Event of Default is known to the Agent, as long as (1) such Overadvance does not continue for more than 30 twenty (20) consecutive days Business Days (and no Overadvance may exist for at least five (5) consecutive days thereafter before further Overadvance Loans are required), (2) such Overadvance is not known by the Agent to exceed five percent (5%) or, if agreed to by Agent in its sole discretion, ten percent (10%) ), of the applicable Borrowing Base (as calculated as described above in clauses (a) and (b)) and (3) the aggregate principal amount of the Overadvances existing at any time, together with the Protective Advances outstanding at any time pursuant to Section 2.1.6 2.1.5 below, do not exceed ten percent (10%) of the aggregate Revolver Commitments for the applicable Facility then in effect; and (ii) regardless of whether an Event of Default exists, if the Agent discovers an Overadvance not previously known by it to exist, as long as from the date of such discovery such the Overadvance does not continue for more than 30 twenty (20) consecutive daysBusiness Days. In no event shall Overadvance Loans be required that would cause (I) the Revolver Total Multicurrency Facility Exposure to exceed the aggregate Revolver CommitmentsMulticurrency Facility Commitments then in effect or (II) the Total US Facility Exposure to exceed the aggregate US Facility Commitments then in effect. The Required Facility Lenders may at any time revoke the Agent’s authority to make further Overadvance Loans to the Borrowers under their applicable Facility by written notice to the Agent. Any funding of an Overadvance Loan or sufferance of an Overadvance shall not constitute a waiver by the Agent or Lenders of the Event of Default caused thereby. In no event shall any Borrower or other Loan Party be deemed a beneficiary of this Section 2.1.5 2.1.4 nor authorized to enforce any of its terms. All Multicurrency Overadvance Loans shall be Multicurrency Facility Loans funded by Multicurrency Facility Lenders on a Pro Rata basis. All US Overadvance Loans shall be US Facility Loans funded by US Facility Lenders on a Pro Rata basis.

Funding of Overadvance Loans. The Agent may require the Applicable Lenders of Revolver Lenders Loans to honor requests for Overadvance Loans and to forbear from requiring the applicable Borrower(s) to cure an Overadvance, (i) when no other Event of Default is known to the Agent, as long as (1) such Overadvance does not continue for more than 30 consecutive days (and no Overadvance may exist for at least five consecutive days thereafter before further Overadvance Loans are required), (2) such Overadvance is not known by the Agent to exceed ten percent (10%) of (A) [Reserved], (B) the Canadian Borrowing Base Base, with respect to all Canadian Borrowers, (C) [Reserved], or (D) the U.S. Borrowing Base, with respect to U.S. Borrowers, and (3) the aggregate amount of the Overadvances existing at any time, together with the Protective Advances outstanding at any time pursuant to Section 2.1.6 below, do not exceed ten percent (10%) of the aggregate Revolver Commitments then in effect; and (ii) regardless of whether an Event of Default exists, if the Agent discovers an Overadvance not previously known by it to exist, as long as from the date of such discovery such the Overadvance does not continue for more than 30 consecutive days. In no event shall Overadvance Loans be required that would cause (I) [Reserved], (II) the Canadian Revolver Exposure to exceed the aggregate Canadian Revolver Commitments, (III) [Reserved] or (IV) the U.S. Revolver Exposure to exceed the aggregate U.S. Revolver Commitments. The Required Borrower Group Lenders may at any time revoke the Agent’s authority to make further Overadvance Loans to the Borrower or Borrowers of the applicable Borrower Group by written notice to the Agent. Any funding of an Overadvance Loan or sufferance of an Overadvance shall not constitute a waiver by the Agent or Lenders of the Event of Default caused thereby. In no event shall any Borrower or other Loan Party be deemed a beneficiary of this Section 2.1.5 nor authorized to enforce any of its terms.

Funding of Overadvance Loans. The Agent may require the applicable Revolver Lenders to honor requests for Overadvance Loans and to forbear from requiring the applicable Borrower(s) to cure an Overadvance, (i) when no other Event of Default is known to the Agent, as long as (1) such Overadvance does not continue for more than 30 twenty (20) consecutive days Business Days (and no Overadvance may exist for at least five (5) consecutive days thereafter before further Overadvance Loans are required), (2) such Overadvance is not known by the Agent to exceed five percent (5%) or, if agreed to by Agent in its sole discretion, ten percent (10%) ), of the applicable Borrowing Base (as calculated as described above in clauses (a) and (b)) and (3) the aggregate principal amount of the Overadvances existing at any time, together with the Protective Advances outstanding at any time pursuant to Section 2.1.6 2.1.5 below, do not exceed ten percent (10%) of the aggregate Revolver Commitments for the applicable Facility then in effect; and (ii) regardless of whether an Event of Default exists, if the Agent discovers an Overadvance not previously known by it to exist, as long as from the date of such discovery such the Overadvance does not continue for more than 30 twenty (20) consecutive daysBusiness Days. In no event shall Overadvance Loans be required that would cause (I) the Revolver Total Multicurrency Facility Exposure to exceed the aggregate Revolver CommitmentsMulticurrency Facility Commitments then in effect or (II) the Total US Facility Exposure to exceed the aggregate US Facility Commitments then in effect. The Required Facility Lenders may at any time revoke the Agent’s authority to make further Overadvance Loans to the Borrowers under their applicable Facility by written notice to the Agent. Any funding of an Overadvance Loan or sufferance of an Overadvance shall not constitute a waiver by the Agent or Lenders of the Event of Default caused thereby. In no event shall any Borrower or other Loan Party be deemed a beneficiary of this Section 2.1.5 2.1.4 nor authorized to enforce any of its terms.. All Multicurrency Overadvance Loans shall be Multicurrency Facility Loans funded by Multicurrency Facility Lenders on a Pro Rata basis. All US Overadvance Loans shall be US Facility Loans funded by US Facility Lenders on a Pro Rata basis. 109